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Positive Money supporters head to Downing Street with 12,000 signatures for monetary reform

Today, Tuesday 26th May 2015, campaigners and politicians will deliver a 12,000-strong petition urging the Prime Minister to change the way in which money is created, so that it serves the public interest. A group including Green Party leader Natalie Bennett will deliver the petition at 4.30pm this afternoon. The petition calls for new money to be “used to fund vital public services or provide finance to businesses, creating jobs where they're needed, instead of being used to push up house prices or speculate on the financial markets”. This call for “Sovereign Money creation” has been echoed by leading economists including Lord Adair Turner and Martin Wolf of the Financial Times.Positive Money is a research and campaigning organisation that seeks to highlight dysfunction in the money system and the need for reform. A Dods Monitoring poll conducted last year showed that only 1 in 10 MPs have an accurate understanding of how money is created. Positive Money claims that without an understanding of how the monetary system works, policy makers and politicians are unable to guard against another financial crisis.   A cross-party group of MPs have been invited to join supporters in handing over the petition. At a backbench debate on money creation and society last year, MPs from both sides of the House called for a money commission to consider alternatives to our current fractional reserve banking system. During the debate, Conservative MP Zac Goldsmith said,

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May 2015

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May 2015
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FWHMyersThat is one of the most fascinating reads I've seen on this blog. People in this movement are wondering how our society's understanding of money and banking became so ignorant, and this focus on history adds a vital dimension to the campaigns to reform and re-educate.I look forward to reading the co...

May 2015
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Stanley MulaikThe following is a piece I have written recently of an economic idea that allows for a well-mangaged monetary system, which I think Labour and Lib Dems would like to work with:MMT (Modern Monetary Theory) is not just the idea of printing money during deflations. (As far as I can tell, MMT and 'posi...

May 2015

Stanley MulaikWhich is a shame, since having debt-free money should appeal to left-wingers who favor governmental spending on general welfare.But Democrats in the United States are almost as ignorant about their money system as the Teaparty Republicans. It's a complex subject I suppose, and the weak-minded have ...

May 2015

Stanley MulaikDo I understand correctly that all newly created money in the British monetary system is based on debt based loans? In the United States deficit spending, although it borrows money from banks by selling securities to them, becomes effectively debt-free by the agreement between banks and Treasury t...

May 2015
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jamesmurraylawThis objection to Positive Money proposals is an idealexample of how easy it is for the apologists for the Banking System to usefalse 'evidence' to pooh-pooh Full Reserve Banking.Ben Dyson answers the supposed 'evidence' carefully andcomprehensively and so well done to him...However, time and again,...

April 2015

CamI'm sorry to have belatedly picked up your comments – please blame the festive season! In answer to your question "why don't banks infinitely expand their balance sheets?" I would say:-1. Banks do have this ability, hence the point that banks can create unlimited credit.2. However they do ratio...

January 2015

Scott GreenSo how are we going to get the key people up to speed? Shouldn't we target the monetary policy committee with information and campaign....

December 2014
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